New Relic price target raised to $75 from $55 at RBC Capital

RBC Capital analyst Rishi Jaluria raised the firm’s price target on New Relic to $75 from $55 and keeps a Sector Perform rating on the shares. The company’s Q3 results were "strong" despite an uneven macro and its revenue and RPO growth accelerated with solid renewal activity, the analyst tells investors in a research note. The firm adds however that it would look for further proof points given the intense competition before getting more constructive on the name.